Leading US Cryptocurrency ATM Firm to Offer Investors Exposure to Bitcoin Depot through $885 Million Merger
Bitcoin Depot, a prominent cryptocurrency ATM company in the United States, has recently finalized a merger agreement that enables the company to go public.
On June 30, GSR II Meteora Acquisition Corporation, a fintech firm, announced that its shareholders had given their approval for the merger, in which GSR II Meteora Acquisition Corporation acts as a special purpose acquisition company for Bitcoin Depot. This merger, which was initially reported in August 2022, entailed a cost of $885 million and is projected to offer investors the opportunity to invest in Bitcoin Depot on the Nasdaq starting from July 3.
Brandon Mintz, the founder and CEO of Bitcoin Depot, stated that the purpose of the merger was to support the company’s “numerous growth opportunities” and to encourage the adoption of Bitcoin in North America. Investors will be able to locate shares of Bitcoin Depot using the ticker symbols BTM and BTMWW for its common stock and public warrants, respectively.
This announcement arrives at a time when regulatory scrutiny of companies offering cryptocurrency-related products or services in the United States is increasing. The Securities and Exchange Commission (SEC) has filed lawsuits against Binance and Coinbase, two prominent exchanges, for allegedly conducting unregistered securities offerings. However, investment vehicles providing exposure to cryptocurrencies appear to be on the rise, as demonstrated by BlackRock’s application in June to list a spot Bitcoin exchange-traded fund.
Bitcoin Depot, established in 2016, is among the largest cryptocurrency ATM companies in North America, operating over 9,130 locations, according to information available on its website. In May, another ATM provider, Bitcoin of America, announced the closure of its operations in Connecticut following the determination by the state’s Department of Banking that the company lacked the appropriate licensing.
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